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CSA In Focus

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There is no doubt that 2017 was another challenging year for the shipping industry in the region and also in the wider global context. Persistent overcapacity, weak global trade and freight rate volatility continue to create stormy waters that test our resourcefulness.

The fact that we have weathered the storm is testament to our resilience in the face of significant change. And while there are some encouraging signs trending towards improved market conditions and stability, we must acknowledge that we have a fair distance to go before we can realise this outcome. So as we forge ahead with a healthy dose of cautious optimism, we must adequately plan for the difficulties ahead and take the long-term view to ensure the viability of the industry.

Preparing for the future

In adopting the long-term view, it is important that we focus our attention on the developments that will shape the future of the sector. The shipping industry has long had the reputation of being conservative and slow to change, but I do believe that many of the players increasingly understand the value and necessity of staying on the cutting edge.

The CSA has a proud record in recent times of providing financial and other assistance to hurricane-impacted communities across the Caribbean and in this regard 2017 was no different In just a few short days in September, the Caribbean was hit by two catastrophic Category 5 hurricanes – first Irma, then Maria.

The pair caused widespread damage across the region, with Puerto Rico, the British Virgin Islands, the United States Virgin Islands, Anguilla, Cuba, the Turks & Caicos Islands, Sint Maarten / St Martin, St Barts, Barbuda and Dominica among the worst affected.

The Caribbean experienced four categorized hurricanes in 2017 and some islands were hit by more than one. Irma was the second most powerful on record and the first Category 5 hurricane to strike the Leeward Islands. Subsequently, Maria created the worst natural disasters ever to befall Puerto Rico and Dominica.

The loss of life across the Caribbean, along with the hurricanes’ impact on both property and basic infrastructure, is well documented. Unfortunately, the restoration process – the hard task of rebuilding of homes and livelihoods – has been less well publicized by the media.